The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Corcel PLC - London-based mining and resource development company - Announces the results of its initial exploration activities at the Canegrass lithium project, in Western Australia. Executive Chair Antoine Karam describes results as ‘intriguing,’ indicating broader potential for the project than ‘originally anticipated’. Notes a total of 37 rock chip samples were collected during field work. Sampled lithologies included 26 pegmatite, 5 gabbro-dunite, 5 quartz vein, and 1 calcrete sample, Corcel points out.
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Earnz PLC - cash shell - Proposes one for 100 share consolidation, a £3.0 million placing at 7.5 pence per share and a £700,000 subscription at the same price. Proceeds will be used for working capital purposes and, in particular, the cost of the due diligence to be carried out on any potential acquisitions.
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Chariot Ltd - Africa-focused transitional energy company - Plans a strategic review of its Transitional Power division. Follows detailed discussions with the board, management, and advisors. Chariot notes the unit requires funding in the near and medium term to fulfil its potential. Chariot says it has been progressing debt and equity financing options and has received indications of potential interest from South Africa focused investors to fund the business. As a result, elects to undertake this review to explore the options available. These may involve a full or partial sale or demerger of the business or the division remaining part of Chariot.
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VietNam Holding Ltd - investment trust managed by Dynam Capital Ltd that backs high-growth companies in Vietnam - Reports net investment income in the six months to December 31 was $10.9 million, swinging from net loss of $20.1 million. Basic and diluted earnings per share totalled $0.32 compared to loss of $0.75.
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Supernova Digital Assets PLC - looks to identify investment and business building opportunities in the Solana and cryptocurrency ecosystem - Completes the acquisition of Hyperslot PTE Ltd for £225,000. Plans to fund this by the issue of 150 million shares at 0.15 pence each.
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Marlowe PLC - London-based software company providing regulatory compliance services to businesses in the UK - Expects the planned return of capital to shareholders to take place in the first half of the group’s 2025 financial year, starting April 1. This follows the £430 million sale of its governance, risk & compliance software and services assets to Inflexion Private Equity Partners LLP. Marlow expects net sale proceeds to be £405 million and its cash position to be £220 million following the sale. Expects to retain a net cash balance to provide resources for working capital and return in excess of £150 million to shareholders. Looks for optimal route through which to effect the return of capital and will confirm in due course. Further, appoints Michael Ashcroft as a non-executive director. Ashcroft currently owns around 12% stake in Marlowe. Marlow says Charles Skinner, non-executive director, is stepping down.
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Tirupati Graphite PLC - Graphite and mineral producer, which is currently focused on flake graphite mining projects in Madagascar - Continues to receive significant inbound inquiries from markets globally, including from China. Notes growing numbers of consumers are looking for current and near term, alternatives of flake graphite to Chinese sources for their sourcing needs to satisfy security of supply concerns over the long term. Continues extensive marketing activities in preparation of volume production from the Madagascar projects and in advance of expansion planned to meet growing forecast global graphite demand. Notes significant signs of a turnaround from the subdued price of flake graphite in recent weeks.
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Shuka Minerals PLC - Africa-focused mine operator and developer, previously named Edenville Energy PLC - Says following resolution of the dispute with Upendo Group, filings have been made in the court in Tanzania terminating the legal proceedings. Notes operations at the at Rukwa coal mine have remained challenging, with limited coal production. The operations have been on hold recently due to the rainy season. But demand in regional markets continues to appear robust. On resumption of production, Shuka plans to review its targeted production rates. Further, continues to review potential acquisitions of additional advanced mining and mine development projects located in Africa. Notes one such opportunity which is being actively progressed meets the company’s key acquisition criteria, with a focus on a commodity other than coal.
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Clontarf Energy PLC - Oil, gas and minerals explorer with projects in Bolivia, Ghana and Chad - Raises £400,000 via a placing at 0.035 pence per share. Explains proceeds will be used to advance Clontarf’s lithium projects in Bolivia, and neighbouring countries, as well as on petroleum projects in Ghana, Australia, and elsewhere, and for general working capital purposes. In Bolivia, states Clontarf has been approved to advance to the second phase of the assessment process for the seven priority salares in southern Bolivia.
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Urban Logistics REIT PLC - real estate investment trusts - Says bid for abrdn Property Income Trust Ltd remains ‘under consideration’ after a ‘productive dialogue’ between the two companies. Notes an alternative proposal is being considered which would see UL acquire the logistics and retail warehouse assets of API. The net assets of API’s residual portfolio would be held API and, through a managed wind-down process, cash being returned to API investors. Under the proposal, UL would offer 0.31 UL shares for evert one in API. UL believes this represents a superior structure for API shareholders as a whole to the Custodian Property Income REIT PLC offer.
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